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Improved Security and Fraud Prevention Measures for Remittance Transactions to the Gambia by ACE Money Transfer

24 Aug 2023


Did you know that, according to UNODC, remittance fraud, which has losses estimated at $2.7 billion annually, is one of the financial crimes with the fastest-growing global trends?

The Gambia is one of the low-to-middle-income countries whose economy depends heavily on remittances because they have a big impact on GDP. Yet, as the remittance sector has expanded, there have also been more fraudulent operations, endangering the security of these transactions. Leading provider of remittance services to the Gambia, ACE Money Transfer consistently seeks to enhance its security and fraud protection procedures for safe and secure money transfers to Gambia

This article talks about the measures ACE Money Transfer has taken to increase the security of remittance transactions to the Gambia.

Common Frauds Associated with Remittance Transfers in Africa

Like any other nation, the Gambia has inherent risks and scams that one should be aware of while sending money there. The following are some risks and scams related to sending money to the Gambia:

 

Phishing Scams

 Phishing scams include sending phoney emails or texts that appear to be from reputable businesses. Typically, the messages demand payment or ask for personal or financial information. When receiving unsolicited emails or texts, it's crucial to exercise caution and double-check the sender's identity before responding.

Money Laundering

Money laundering is a crime that entails hiding the source of money that has been obtained unlawfully. Remittance services could be used by criminals to send money to the Gambia and other nations. Any suspicious transactions should be recognised and reported to the appropriate authorities.

Unreliable Remittance Providers

 Certain remittance companies might not be trustworthy, and they might not send the money to the right person. To reduce these hazards, it's crucial to choose trustworthy, long-standing remittance companies.

Identity Theft

 In the remittance sector, identity theft is a common kind of fraud, and the Gambia is no exception. Unaware victims may provide personal information to fraudsters, who may use it to open bank accounts, send money to Gambia from abroad, or make transactions. Protecting personal information and avoiding disclosing sensitive information to individuals or organisations you don't know well is crucial.

Currency Exchange Rate Fraud

To lure naïve victims, scammers may provide exchange rates that seem too good to be true. To reduce these hazards, it's critical to be aware of the current currency rates and to select reputable exchange providers.

Top-Notch Security Strategies That ACE Offers

Here is a complete list of the measures that ACE has taken to ensure the safety of the funds of users.

 

Compliance with Regulatory Requirements 

ACE Money Transfer complies with the rules established by the Gambia's Central Bank. By adhering to these guidelines, it is made possible to guarantee both the secure transfer of funds to the intended beneficiaries and the transparency of the remittance operations. The Central Bank of The Gambia's regulatory requirements include instructions for anti-money laundering (AML) and countering the financing of terrorism (CFT) procedures. ACE scrutinises all remittance transactions for any suspicious activity to guarantee compliance with these rules.

Systems for Advanced Verification

In remittance transactions, it is crucial to verify the sender's and recipient's identities. With the use of cutting-edge verification tools, ACE Money Transfer can rapidly and effectively confirm the senders' and receivers' identities. The business has worked with top identity verification companies to guarantee that the senders' and recipients' identities are validated in real time. This guarantees the processing of only legal transactions while preventing fraudulent activity.

A Multi-Factor Authentication System

ACE Money Transfer has developed multi-factor authentication (MFA) in order to increase the security of remittance transactions significantly.  MFA is a security feature that prevents users from accessing their accounts without providing more than one form of verification. Only authorised users are able to access their accounts and initiate an online money transfer to Gambia, thanks to ACE Money Transfer's implementation of MFA. This precautionary measure guards against unwanted access to accounts and guarantees that all transactions are completed safely.

Safe Encryptions

ACE Money Transfer provides secure encryption to safeguard private data sent during remittance transactions. Information is transformed into a code that can only be decoded by authorised persons through the process of encryption. All data communicated during remittance transactions is encrypted by ACE Money Transfer using cutting-edge encryption methods. This guarantees that private data, including financial and personal information, is shielded from unauthorised access.

The System that Detects Fraud

The remittance sector is quite concerned about fraudulent activity. In order to stop fraud, ACE Money Transfer has put in place fraud detection technologies that are intended to spot any unusual activity. Advanced algorithms are used by fraud detection systems to evaluate transaction data and spot any strange activity. The technologies are capable of spotting and stopping fraudulent activities like money laundering, phishing, and identity theft.

24/7 Surveillance

All remittance transactions are monitored round-the-clock by ACE Money Transfer. A group of seasoned security experts who work for the corporation keep an eye on all transactions for any unusual activity. Real-time monitoring is used, and any questionable activity is promptly identified for more inquiry. This makes sure that any fraudulent activity is quickly identified and stopped.

User Protection Information

ACE Money Transfer offers consumer education on security and fraud protection to make sure that customers are informed of the hazards connected with remittance transactions. Customers can get information from the business on how to safeguard their accounts, spot fraudulent activity, stop it from happening, and report it. Customers are informed and able to take the necessary precautions to secure their accounts thanks to this instruction.

 

Final Thoughts

For people and families who depend on money transfers to support their loved ones in the Gambia and other countries in Africa, remittance fraud is a major source of worry. Vulnerable populations may be in danger of losing their hard-earned money to scammers and fraudsters due to the high cost of sending money and the lack of transparency in some transfer services.

Being a reliable provider of remittance services, ACE is dedicated to assisting its clients in sending money securely to their family members in the Gambia and other countries. The goal of ACE is to give its customers more peace of mind and guarantee that their hard-earned money reaches its intended recipients by introducing improved security measures and fraud prevention strategies. Sign up on ACE for free to send money to the Gambia online with ease. 
 

FAQs

What are the new security measures implemented by ACE Money Transfer for remittances to the Gambia?

ACE Money Transfer has introduced a range of advanced security measures to enhance the safety of transactions to the Gambia from abroad. These measures include multi-factor authentication, real-time fraud detection algorithms, and continuous transaction monitoring, among others.

How does ACE's fraud detection algorithm work in identifying suspicious transactions?

ACE's advanced fraud detection algorithm evaluates a variety of factors, such as transaction patterns, amounts, and source destinations. By leveraging historical data and machine learning, the system can detect and flag potentially fraudulent transactions in real-time, ensuring customer funds are protected.

Are there any additional charges for these improved security measures?

No, ACE Money Transfer is committed to providing the utmost safety to its users without imposing any extra charges. The enhanced security and fraud prevention measures are part of ACE's dedication to offering a reliable and secure remittance experience to its customers.

What steps should I take if I suspect my remittance transaction to the Gambia is compromised?

If you believe your transaction might be compromised, immediately contact ACE Money Transfer's customer support team. They are equipped to guide you through the process of verifying your transaction and, if necessary, initiating any corrective actions to safeguard your funds.

How does ACE ensure the personal data of its users is kept safe during remittance transactions?

ACE Money Transfer employs top-tier encryption protocols to ensure that all personal data and transactional information is safeguarded. Data is stored securely, and stringent access controls are in place to ensure that only authorised personnel can access sensitive information.
 

Resources

Transnational Organized Crime in East Asia and the Pacific: A Threat Assessment. https://www.unodc.org/toc/en/reports/TOCTA-EA-Pacific.html


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